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-innovation is the specific tool of entrepreneurs,the mean by which they exploit change as an opportunity for a different business services.It is capable of being presented as a discipline,capable of being learned,capable of being practiced.
-The 'dictionary' meaning of innovation is''Introduction of new things''. So innovation is the mean of exploiting a business opportunites.innovation has a different meaning in economics. All goods(wheather physical product and services)are regarded as being made up three factors:nature raw material,physical and mental labour and capital.An innovation is a new combination of these three things.
Acc to Schumpeter,the basic function of entrepreneur was to innovate.He says that entrepreneur is basically an innovator and he introduce something new in the economy.Acc to him,an entrepreneur is one who carries out new combination of mean of production.The process of innovation may be following form-:
1)introduction of new products
2)use of new method of production
3)opening a new market
4)a new form of organization
What else can I help you with?
What is the most important function of OPEC?
The main function of the OPEC is to help with Petroleum needs in poor countries such as Kenya
How does us government try to encourage innovation in the marketplace?
Innovation in the sense of the drive to improving productivity within the economic can mean two different things. 1. Technological Innovation. This is encouraged through the tax code, by way of tax breaks, mitigating against losses through the tax code and off course investing in science and technology. 2. Innovation as in ingenuity in business: Again the tax system is the single most important instrument.
What groups is Innovation a characteristic most strongly associated with?
entrepernuers
What industry most spurred economic growth and innovation in related industries?
railroads
What industry most spurred economic growth and innovation and related industries?
railroads
What was of the most important innovation of the transportation revolution?
The steam engine
What was the most important technological innovation of the Renaissance was?
printing press
Which innovation was most important for American industrialization?
stream power
What was the most important innovation of the transport revolution?
The steam engine
What was the most important innovation in the Arabic number system?
the number zero
What are some of the function?
The most important function is the skin.
What was the most Important innovation of the Han Dynasty?
I would say it would be the currency that united china during the Qin dynasty! Hope I helped!
Is distribution network innovation one of the most important forces shaping scm?
yes
What technological innovation was most important for settlers living in west Texas in the 1800s?
Steamboats
What is the most important function of leaves?
The major function of leaves is to photosynthesize.
The most important function of music in film is to?
True. Mood is the most important function of music in film.
What is the most important function of ozone in our atmosphere?
The most important function of ozone is to protect from UV rays. these are high frequency waves from the sun.
